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☆ AI startup cloud deals by Microsoft, Google and Amazon ring 'accounting alarm bells' across Silicon Valley over revenue 'round-tripping'
▼ + stars: | 2023-05-19 | by ( Eugene Kim | Stephanie Palazzolo | ) www.businessinsider.com time to read: +10 min

Some investors question whether these arrangements are artificially juicing cloud revenue growth. When Microsoft announced a multibillion-dollar investment in OpenAI earlier this year, the deal made Azure the ChatGPT-maker's "exclusive cloud provider." There's another deal in the works with similar attributes involving Runway AI and a major cloud company. But they are drawing more scrutiny lately because they could artificially inflate cloud revenue, a key driver of growth for Microsoft, Google, and Amazon, according to Ted Mortonson, managing director of financial-services firm Baird. Is OpenAI a regular cloud customer that is getting no investment money from Microsoft?

Here’s what to know about the significance of the charges and what happens next:Three main buckets of chargesThe indictment lays out three main buckets of alleged criminal activity by Santos. The second set of accusations concern Santos’ allegedly false applications for unemployment benefits, resulting in a theft of public money count and two more wire fraud counts. To establish the alleged unemployment fraud scheme, investigators likely have the attestations Santos allegedly made to participate in the public benefits program. The House disclosure documents that Santos allegedly lied on are publicly available documents. There’s also the potential that, instead of a jury trial, Santos seeks a bench trial – i.e.

☆ Ireland wants to put its soaring corporate tax receipts into a new sovereign wealth fund
▼ + stars: | 2023-05-10 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Meta Platforms Inc. office building in the 'Silicon Docks' area in central Dublin, Ireland, on Tuesday, Nov. 29, 2022. Ireland is considering funneling some of the bumper tax income it's receiving from the many multinationals based in the country into a new sovereign wealth fund. Ireland's corporate tax receipts have rocketed over the last decade and have hit record highs since the pandemic, rising 30% year-on-year in 2021 and up another 48% in 2022 to a record 22.6 billion euros ($24.8 billion). That has come from tech giants including Alphabet, Meta, Intel, LinkedIn and Amazon, along with firms like Pfizer and Johnson & Johnson. The government expects this to swell further in the coming years, with the surplus totaling 65 billion euros over four years and potentially hitting 6.3% of gross national income — GDP plus all net receipts — by 2026.

☆ Floating sea life thrive in Great Pacific Garbage Patch
▼ + stars: | 2023-05-05 | by ( Mindy Weisberger | ) edition.cnn.com time to read: +6 min

CNN —Translucent, fragile marine creatures that drift through the sea are riding the motion of the ocean to a destination that’s infamous as a home for trash: the Great Pacific Garbage Patch. A surprising number of delicate, floating invertebrates, called neustons, are making the Great Pacific Garbage Patch home, according to data from a new study. The Great Pacific Garbage Patch and the Sargasso Sea are both oceanic gyres — marine zones where multiple ocean currents converge to form a vortex (though the Sargasso Sea is known for its floating algae rather than drifting garbage). There are five main oceanic gyres, and the North Pacific Subtropical Gyre is where the best-known garbage patch lies. But when long-distance swimmer and environmental activist Benoît Lecomte swam through the Great Pacific Garbage Patch in 2019, he and his crew gathered data on floating life as well as drifting litter.

☆ Meta must 'unplug the hate machine,' civil society groups say in open letter
▼ + stars: | 2023-05-03 | by ( Tekendra Parmar | ) www.businessinsider.com time to read: +4 min

Meta faces a $1.6 billion lawsuit for allegedly failing to moderate hate speech in Ethiopia. The suit was brought by the family of a professor who was killed after Facebook posts targeted him. Insider's reporting also revealed that one of those trusted partners warned Meta about posts targeting Meareg Amare, a Tigrayan chemistry professor, in the fall of 2021. A spokesperson for Meta did not dispute the trusted partner's account, which was similar to complaints raised by five other trusted partners interviewed by Insider. The Facebook posts targeting Professor Amare falsely accused him of funneling funds and equipment to the Tigray People's Liberation Front, which was fighting a civil war against Ethiopian federal forces and allied groups.

"We've got this window of low taxes here," said certified financial planner Dan Galli, owner at Daniel J. Galli & Associates in Norwell, Massachusetts. Former President Donald Trump's signature tax overhaul temporarily shifted individual income tax brackets by reducing the rates and applicable income levels. "It's a fascinating time to look at how you want to blend or sequence your income in retirement," Galli added. If you're 59½ or older, you can start taking withdrawals from pre-tax retirement plans without incurring a penalty. While you'll still owe regular income taxes, those rates may be lower through 2025, he said.

☆ UPS and FedEx are shrinking as packages evaporate. Automation could make the changes permanent.
▼ + stars: | 2023-04-27 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

Revenue in the first quarter was down 6% and package volume was down by 5.4%. Both UPS and FedEx are downshifting and planning futures with smaller, more efficient networks. But beyond initial cuts, UPS and FedEx are leaning into technology upgrades to shrink strategically and emerge from the doldrums more efficient. The company has already begun the combination of Ground and Express, which will involve closing Express facilities and moving those operations into nearby Ground buildings. These networks have long acted as a moat around UPS and FedEx — making entering the delivery space so expensive it was rarely attempted.

☆ ‘White House Plumbers’ Revisits the Fringes of Watergate
▼ + stars: | 2023-04-27 | by ( Adam Nagourney | ) www.nytimes.com time to read: +1 min

LOS ANGELES — On June 17, 1972, five men were arrested while breaking into the Democratic National Committee offices at the Watergate office building in Washington, D.C. Dismissed by the White House press secretary as a “third-rate burglary,” the break-in set off a chain of events that ultimately led to the resignation of President Richard M. Nixon in August 1974. Ever since, the “gate” suffix has been shorthand for scandal, and Watergate has provided fodder for movies, books, podcasts, commentaries and television. But at a time when a former president has been indicted on charges of funneling hush money payments to an adult film star, does Watergate still shock? “White House Plumbers,” premiering Monday, recreates the events that riveted a nation and upended American politics, focusing not on the usual characters — no Nixon, Woodward or Bernstein on the screen here — but on the men behind the crime.

☆ A Las Vegas hotel mogul who ardently believes in UFOs says he's funneling millions into Ron DeSantis' super PAC: 'I will give him more money and go without food'
▼ + stars: | 2023-04-21 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +4 min

"I will give him more money and go without food," Bigelow told Time. "Trump lost his north," Bigelow told Time. In 2017, Bigelow told CBS that he believes aliens are here on Earth and "right under people's noses." In April, Trump trounced DeSantis in a 2024 primary poll, leading DeSantis 51% to 41% in a head-to-head match-up. Representatives for Bigelow, DeSantis, and the Never Back Down PAC did not immediately respond to Insider's requests for comment sent outside regular business hours.

WASHINGTON, April 19 (Reuters) - The U.S. Supreme Court on Wednesday bolstered a bid by Turkey's state-owned lender Halkbank (HALKB.IS) to avoid criminal charges in the United States for allegedly helping Iran evade American economic sanctions. The court's majority, while rejecting a key defense mounted by Halkbank, ordered the Manhattan-based 2nd U.S. Shares in Vakifbank (VAKBN.IS), another Turkish state bank, jumped 9.9% and the bourse's banking index climbed more than 4%. Sovereign immunity generally protects countries from facing legal action in another country's courts. The majority found that the 2nd Circuit did not fully consider whether the bank has immunity under "common law" principles.

☆ Fugees star says money from Malaysian financier was for Obama photo, not campaign donation
▼ + stars: | 2023-04-19 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +2 min

Michel faces criminal conspiracy, foreign lobbying and campaign finance charges for allegedly plotting with Low to attempt to influence the administrations of Obama and former President Donald Trump. Michel said he used some of the funds for three friends to attend $40,000-a-plate fundraisers for Obama. "When you received the money from Jho Low, you used it to make political contributions," federal prosecutor John Keller said in a Washington court. "Once he gave me the money, it was my discretion how I spent the money because it's my money." Michel is accused of involvement with Low in three schemes, for which prosecutors say he was paid millions of dollars.

☆ Pras Michel: Former Fugees rapper testifies in his own trial
▼ + stars: | 2023-04-18 | by ( Holmes Lybrand | ) edition.cnn.com time to read: +2 min

According to Michel, Low had asked him in 2012 to set up a picture of Low and Obama. Michel told Low to give him $1 million and he would think about how to make that happen. “I thought that I could just give my friends” money to contribute to the campaign, Michel told the jury. A prosecutor told Michel during cross examination that funneling donations through other individuals is illegal. Prosecutor John Keller also asked Michel about funds to help Low find an attorney, which Michel contested was not illegal.

☆ See inside a writer's historic houseboat that travels England's canals. The nights are cold, she's always covered in coal oil, and the lifestyle can be dangerous, but she wouldn't have it any other wa
▼ + stars: | 2023-04-06 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +1 min

Warwickshire, England, native Elizabeth Earle lives on a narrowboat and chronicles her adventures. The upkeep of living on a boat all year can be exhausting, but Earle does it for the adventure. The author and illustrator from Warwickshire, England, has lived on a 70-foot narrowboat that traverses the country's canal system since April 2022. "This boat's absolutely rinsed me," Earle told Insider. "I just want to lead an extraordinary life," she told Insider.

WASHINGTON, April 4 (Reuters) - The White House said on Tuesday it was funneling hundreds of millions of dollars to help coal communities, including $450 million for clean energy projects on current and former mining areas. "This project will help strengthen American supply chains, revitalize energy communities, and reduce reliance on competitors like China," the White House said in a statement. The government action also includes putting 11 federal agencies to work in tandem on getting new resources into energy communities like former coal mining towns, it said. The Treasury Department and Internal Revenue Service will release guidance on Tuesday that will allow developers of clean energy projects and facilities to tap into billions of dollars in boneses, in addition to existing tax credits, it said. The funding for this initiative comes from the Inflation Reduction Act and the Bipartisan Infrastructure Law, the White House said.

☆ Fugees rapper Pras Michel was 'willing to break any laws necessary to get paid' in alleged international fraud scheme, prosecutor said
▼ + stars: | 2023-03-30 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +3 min

The conspiracy and fraud trial of American rapper Pras Michel kicked off on Thursday. Prosecutors alleged that Michel was involved in an international scheme to influence the US government. Michel is accused of working with Malaysian businessman and fugitive Jho Low. "Low had money to burn and the defendant was willing to cash in at any turn," Lockhart said. McMaster, casino mogul Steve Wynn, and actor Leonardo DiCaprio, who starred in the 2013 film "The Wolf Of Wall Street" that Low helped fund.

☆ White House touts Amazon EVs, Google EV tax credit tool
▼ + stars: | 2023-03-30 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +1 min

March 30 (Reuters) - The White House on Thursday highlighted new U.S. company moves to support electric vehicles (EVs), as final rules on tax credits aimed at boosting the industry are expected this week. The federal government will buy 13,000 light- and medium-duty zero emission vehicles this fiscal year, about four times more than last fiscal year, the White House said. On Friday, the administration is expected to release final rules on eligibility for $7,500 EV tax credits, including how much of the car's battery must come from U.S.-sourced parts. Google will provide up-to-date information about the availability and coverage of tax credits across eligible passenger vehicles with a new search tool, the White House said. Wells Fargo will also release a new tool to help businessess evaluate electric vehicle fleets by modeling deployment that incorporates the cost of electrification, tax credits, cost savings, and environmental benefits, the White House said.

☆ It's not easy being a bicyclist in the US. Better infrastructure could help.
▼ + stars: | 2023-03-30 | by ( Eliza Relman | Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

Advocates are asking for more funding for bike safety measures, in addition to e-bike tax credits. The best way to address biking safety concerns, advocates say, is to build better bike infrastructure, including a robust system of bike lanes. If passed, the law wouldn't directly address the most pressing safety and infrastructure concerns facing bicyclists, but advocates say it could help. At the same time, this growing community of new bicyclists would likely demand better bike lanes and other infrastructure. Ultimately, advocates say it's about return on investment: More bikes, and better bike infrastructure, could lead to big savings for commuters and a rethinking of how everyone navigates their landscape.

☆ SBF played 'League of Legends' so much he was gaming during pitch meetings. Now his lawyers say there'll be no more online games for the crypto king.
▼ + stars: | 2023-03-29 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

He's said to have played it at a pitch meeting, and says he's been gaming while under house arrest. The conditions also say Bankman-Fried will be prohibited from accessing any video games or gaming hardware that "permit chat or voice communication." Bankman-Fried, who was arrested in the Bahamas in December, previously touted his penchant for the online game "League of Legends." "I'm (in)famous for playing League of Legends while on calls," Bankman-Fried tweeted. But Bankman-Fried isn't very good at playing "League of Legends," according to billionaire Elon Musk and Rep. Alexandria Ocasio-Cortez.

It's usually better to not highly prioritize paying off your mortgage versus saving for retirement. It's important to consider the type of debt and consider whether you should prioritize paying off debt or saving in the final years before retirement. You'll want to list out each of your debts, the interest rate, and monthly payment amount. If your investment return is lower than the interest rate on your debt, then prioritizing debt payoff makes the most sense. If you have less than $375,000 saved across your various retirement accounts, then you will want to heavily prioritize your retirement savings.

The influence of Fed rate hikes "is going to hit...That is how it is designed." As of December officials expected the policy rate would rise to around 5.1% by year's end. The experience of 1970s-era central bankers informed not only the extent of the rate increases, with the policy rate rising 4.5 percentage points from near zero as of last March. None of those reforms prevented SVB from funneling its rapidly growing deposits into long-term government bonds that lost value as the Fed raised rates. The Fed has announced a review of its supervision at SVB to see if warning signs were missed.

☆ Former presidential candidate John Edwards was accused of funneling nearly $1 million in donor contributions to support his pregnant mistress and criminally charged with a campaign finance violation.
▼ + stars: | 2023-03-19 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

John Edwards was charged with campaign finance violations in 2011 related to his 2008 presidential run. Edwards was acquitted of one campaign finance violation charge — the others were dropped. The last time a presidential candidate was criminally charged for alleged campaign finance violations, John Edwards faced up to 30 years in prison and $1.5 million in fines. Edwards was John Kerry's vice presidential running mate in 2004 in the pair's losing race against George W. Bush and Dick Cheney prior to launching his own presidential campaign in 2008. "It's not illegal to be a pig," said Brett Kappel, a Washington campaign finance expert told The Washington Post at the time the charges were brought.

☆ Michael Cohen to testify at Trump 'hush money' grand jury next week in last step before a possible indictment
▼ + stars: | 2023-03-11 | by ( Laura Italiano | El Calabrese | ) www.businessinsider.com time to read: +4 min

Michael Cohen is set to testify next week before the Trump "hush money" grand jury in Manhattan. It could be a final step before a vote on an indictment charging Trump with falsifying business records. Bragg must authorize his prosecutors to request a grand jury vote before an indictment could be voted on. A lawyer for Trump declined to comment on the grand jury or on the possibility of an indictment. Bragg's office has remained mum on the grand jury process and the continuing probe.

☆ Analysis: Declining U.S. bank reserves add wrinkle to contentious debt ceiling issue
▼ + stars: | 2023-03-10 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +5 min

Bank deposits, which are part of reserves, also dropped with customers seeking higher-yielding alternatives for their cash. Lower reserves constrain banks' balance sheets, hampering their ability to lend to finance corporate growth and expansions, analysts said. As of March 8, bank reserves during the week averaged $2.999 trillion, Fed data show, falling around $1.3 trillion from a peak of $4.3 trillion in December 2021. Volumes on reverse repos have hit north of $2 trillion since June last year, even as bank reserves have dwindled. And cash assetsDeposit outflows, reverse repos, and bank reserves are all inter-related.

☆ OpenAI's 37-year-old CEO bet $180 million on a little-known biotech startup that's trying to help people live 10 years longer
▼ + stars: | 2023-03-09 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

According to a report by MIT Technology Review, OpenAI CEO Sam Altman is among the group. Altman has quietly funded a longevity startup with $180 million, MIT Technology Review said. The latest addition to the group is Sam Altman, the 37-year-old CEO of the red-hot AI startup OpenAI. Altman quietly backed a mysterious longevity startup called Retro Biosciences with $180 million of his own funds, according to a report in MIT Technology Review. "The main thing for Retro is to be a really good bio startup, because that is a rare thing," Altman told MIT Technology Review.

☆ Former Fox exec convicted in FIFA bribery case, other acquitted
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Jurors found Hernan Lopez guilty but acquitted Carlos Martinez on the same charges. Martinez and Lopez denied wrongdoing. A lawyer for Burzaco denied those claims. Lawyers for Martinez and Lopez denied Burzaco's account and said their clients were unaware of his scheme. Prosecutors said Burzaco’s testimony was “devastating” and alleged that emails showed him discussing the bribes with Martinez and Lopez in coded terms.

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